In two separate press releases, the Financial Intelligence Unit (FIU) and the Bank of Sierra Leone (BSL) have concluded that the activities of Super Advertis were illegal insofar as the laws regulating financial transactions in the country are concerned.
The Financial Intelligence Unit released a statement last week stating that Super Advertis is an “unlicensed and unregulated” financial services provider. The statement further added that Super Advertis operated a “ponzi scheme” to defraud unsuspecting people.
In a similar vein, the Bank of Sierra Leone stated that Super Advertis did not have the required licence to conduct any financial activity in the country. As a result, their operations are illegal.
The findings by the country’s financial regulatory bodies exonerate Orange Mobile Finance from any wrongdoing. However, it raises questions about the efficiency of both the FIU and BSL fraud detection systems. Additionally, it begs the question of why it took them so long to investigate Super Advertis even after Orange Mobile Finance had issued a statement alerting its customers and the general public to the fraudulent activities by the web-based Super Advertis.
It is believed that Super Advertis originated from Liberia, where it operated a similar ponzi scheme under the name Smart AI and defrauded unsuspecting Liberians of hundreds of thousands of dollars. Authorities in Liberia have been searching for the fraudsters behind the scheme since it was uncovered in August 2023.
In a statement released last Wednesday, Orange Mobile Finance clarified that they have no dealings with Super Advertis, adding that their agents, dealers, and partners are bound by the scope of their contractual operations and anything contrary are dealt with in accordance with the prescribed regulations, and to protect the company’s customers. In addition, the company further cautioned Super Advertis to refrain from the use of inciting remarks that call for vandalism of Orange Mobile Finance premises and properties. The company affirms its commitment to upholding the law to protect its employees and assets.
Orange Mobile Finance also reassured the public that any legally registered company in Sierra Leone has the option to establish a partnership with them. They emphasised that the company operates with the highest ethical standards in accordance with the laws of Sierra Leone and remains an internationally reputable company.
